Edwards Lifesciences

Balance sheet is robust: approximately $2.94 billion in cash plus $1.29 billion in short‑term investments versus $0.60 billion in long‑term debt, for net cash near $3.63 billion. 2025 cash from operations was about $1.60 billion with capex ~$0.26 billion, yielding estimated free cash flow of ~$1.34 billion and FCF margin near 22 percent.

This provides ample capacity for R&D, clinical programs, tuck‑ins, and buybacks while withstanding shocks. No material liquidity constraints are apparent.